Striking oil: Rising oil and gas prices should fuel exploration activity over the next five years

Companies in the Petroleum Exploration industry provide onshore and offshore drilling and exploration services. The downstream Oil and Gas Extraction industry use these services to establish a portfolio of future projects. Exploration-only companies identify reserves that are attractive to larger players on a contract basis. The industry's high revenue volatility over the past five years has reflected the role of commodity prices determining exploration activities, which are by nature inherently risky and capital-intensive. Rising commodity prices assist industry players, increasing the potential benefit that exploration companies can generate by identifying unproven more.

Industry Statistics & Market Size
Annual Growth 14-19
Forecast Growth 19-24
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Low global oil and gas prices have reduced the incentive to find new resources
  • For all industry participants, exploration itself does not directly generate profit
  • Investigations into the viability of unconventional resources should benefit specialised operators
  • Industry Report - Industry Analysis Chapter

    The Petroleum Exploration industry has contracted over the past five years. Petroleum exploration is a high-risk, high-return activity. As the incentives to explore for petroleum change, industry revenue can fluctuate dramatically. For example, revenue spiked by a significant 50.0% in 2012-13. Exploration for new gas reserves peaked as many downstream industries worked towards final investment decisions on new projects. However, a global oversupply of petroleum products since 2013-14 has pushed down crude oil and natural gas prices. Industry operators have subsequently cut back their exploration budgets, with large declines in offshore drilling activities. Industry revenue is expected to continue to decline by 3.2% in 2018-19. Ove...purchase to read more.

    Additional Insights for the Petroleum Exploration Industry

    IBISWorld has determined the most important Key Success Factors for the Petroleum Exploration are:

  • Financial support from a downstream activity
  • Downstream ownership links
  • Ability to expand and curtail operations rapidly in line with market demand
  • IBISWorld analysts also discuss how external factors such as Demand from oil and gas extraction and US dollars per Australian dollar in the Petroleum Exploration industry impact industry performance..

    shopping_cartPURCHASE OPTIONS

    Look under the hood?

    Download a FREE sample report

    Top 500 Companies List
    has been released

    Click here for more

    What's in this report

    What is the Petroleum Exploration Industry?

    Industry companies conduct exploration for crude petroleum and natural gas.

    Industry Products
  • Offshore oil and gas drilling
  • Other offshore exploration services
  • Onshore oil and gas drilling
  • Other onshore exploration services
  • Industry Activities
  • Offshore oil and gas drilling
  • Other offshore exploration services
  • Onshore oil and gas drilling
  • Other onshore exploration services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Demand from oil and gas extraction
  • US dollars per Australian dollar
  • World price of crude oil
  • World price of natural gas

  • Current Performance
  • Industry structure
  • International energy markets
  • Chart: Revenue Growth

  • Industry Outlook
  • Domestic demand
  • Domestic policy
  • Industry participation
  • Table: Petroleum Exploration Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Petroleum Exploration Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Oil and Gas Extraction

  • Key Selling Industries
  • Custody, Trustee and Stock Exchange Services
  • Engineering Consulting
  • Machinery and Scaffolding Rental
  • Mining Support Services
  • Surveying and Mapping Services
  • Transport Equipment and Large Vehicle Rental
  • Water Freight Transport

  • Products & Services
  • Offshore oil and gas drilling
  • Other offshore exploration services
  • Onshore oil and gas drilling
  • Other onshore exploration services
  • Chart: Petroleum Exploration Industry Products and Services Segmentation

  • Demand Determinants
  • Oil prices
  • Technology
  • Environmental concerns

  • Major Markets
  • Export-focused oil companies
  • Domestic-focused oil companies
  • Export-focused gas companies
  • Domestic-focused gas companies
  • Chart: Major Market Segmentation for the Petroleum Exploration Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Petroleum Exploration

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Petroleum Exploration Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Petroleum Exploration Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Petroleum Exploration Industry
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Brownfield Exploration
  • Exploration at sites near existing or developed resources.
  • Exploration Acreage
  • The areas of land released by federal and state governments to exploration companies.
  • Greenfield Projects
  • Exploration at sites that have not been previously developed and are separate from existing extraction infrastructure.
  • Probable Reserve
  • Deposits that are considered likely to be economically viable for extraction.
  • Prospectivity
  • The potential of finding a reserve with oil or gas resources.
  • Proven Resources
  • Deposits that are considered economically viable for extraction.
  • Unconventional Resources
  • Resources that extracted from low-permeability environments using new technology such as hydraulic fracking.
  • What Our Customers Say

    Why buy this report?

    The Petroleum Exploration market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Petroleum Exploration:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Petroleum Exploration market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Petroleum Exploration, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

    Contact Us

    Want to speak to a representative? Call us.